MGM may be nearing deal with Spyglass Entertainment

Could MGM’s debt issues and by extension the misfortunes of key properties The Hobbit and James Bond be coming to an end? According to the WSJ, MGM has entered talks with Spyglass Entertainment about a MGM-Spyglass deal:

Spyglass Entertainment is nearing a deal to run Metro-Goldwyn-Mayer Inc. once the beleaguered film studio finishes restructuring a roughly $4 billion debt load later this summer, said people familiar with the matter.

MGM’s creditors have hammered out financial details with Spyglass co-heads Gary Barber and Roger Birnbaum and the two sides have been negotiating the makeup of MGM’s new board, they said.